Professional Certificate in Accounting for Tax in Financial Statements

Course Overview

Does the concept of deferred tax and reviewing tax disclosures and reconciliations in the financial statement notes for tax risk intimidate you?

This professional certificate will provide you with the practical skills to account for all types of taxes in the financial statements and gain the skills to reconcile accounting tax balances to SARS tax balances.

After successfully completing this course, you will be able to calculate, reconcile and disclose current tax, deferred tax, and tax payable or receivable as well as the accounting treatment of other taxes such as dividends tax. Throughout the course you will develop advanced research and analytical skills to address complex tax accounting issues.

Mode of Delivery

Online learning with flexible weekly study plans.

Duration and Effort

Duration: 16 weeks.

Weekly effort: Four to six hours per week.

What you will Learn in this Course

The following modules include both the knowledge and practical skills in order to master the subject:

• Accounting for current income tax
  • Recap on accounting and reporting fundamentals
  • Recap on current tax
  • Accounting for income tax
  • Prior year under/over provisions
• Accounting for deferred tax
  • IAS12 Deferred tax
  • Calculating deferred tax
  • Deferred tax assets and deferred tax on equity
• Disclosure in the financial statements
  • IAS12 disclosure requirements for Income Tax and Deferred tax
• Reconciling SARS balances
  • Accounting for penalties and interest
  • ITA34C Assessment
  • SARS statement of account
  • Reconciliation of the current tax liability
• Accounting treatment of other taxes (dividend tax, donations tax, foreign taxes, and indirect taxes).
  • Accounting for dividend tax, foreign tax credits and donation tax
  • Accounting for VAT and payroll taxes
• Evaluate financial statements and management accounts
  • Calculate and interpret ratios
  • Identifying tax risks in financial statements and management accounts
  • Identifying tax risks in financial statements and management accounts

A simulated scenario integrating the knowledge from all the topics will be worked through prior to the final assessment.

Admission Requirements

This is a short learning programme (SLP) and tested at a NQF level 8, it is therefore recommended that delegates have a degree in accounting, tax, or law. Experience with tax or financial accounting will be beneficial.

This Course is for you if:

• You are an accountant or tax professional who needs to calculate or review deferred tax and tax reconciliation statements under IFRS
• You have a basic understanding of tax and accounting and require holistic knowledge to interpret the differences
• You’re a business owner, chief financial officer or financial director looking to understand how deferred tax can affect your financial performance and position and why the effective tax rate is different to the applicable tax rate of the company
• You’re a tax law expert who does not have an accounting background

Outcomes

On successful completion of the course, you will be able to:

• Apply an informed understanding of the accounting treatment of current income tax and deferred tax in the annual financial statements of a company
• Compute, complete and review current income tax and deferred tax calculations
• Analyse deferred tax assets and liabilities and account for them accurately in financial statements
• Perform a reconciliation between the current tax liability presented in the financial statements and the SARS statements of account
• Prepare and review tax-related disclosures in financial statements for transparency and compliance
• Calculate and interpret the financial ratios of a company
• Identify potential tax risks in financial statements and learn how to assess and mitigate them

Accreditation

The Tax Faculty (TTF) is recognised as a continuous professional development (CPD) provider by controlling bodies accredited in terms of the Tax Administration Act No 28 of 2011. 

TTF also holds accreditation with the Quality Council for Trades and Occupations (QCTO) as a Skills Development Partner (SDP) under the Skills Development Act No 97 of 1998 to deliver the academic and practical skills components of the Tax Technician and Tax Professional Occupational qualifications. Accreditation number 07-QCTO/SDP070223111004.

Assessment and Award of Certificate

Learners are assessed via a number of formative and summative assessments. Successful learners will receive a Short Learning Programme (SLP) certificate of competence issued by The Tax Faculty, which is not credit bearing and does not lead to a qualification. However, successful learners articulating into the Occupational Certificate: Tax Technician (NQF 6) through The Tax Faculty, will obtain a statement of results towards the NQF 6 qualification. In addition, this just-in-time learning programme meet the requirements for verifiable tax CPD credits.

Student Support and Online Campus

The academic and practical skills component of the qualification is delivered on The Tax Faculty's online Tax Campus.

This will be your virtual campus for the duration of the programme. The course is presented as micro-learning videos, study guides, practice quizzes, discussion forums, practical case studies, assignment briefs and guided presentations on how to master case studies and assignments. Academic lecturers are available on the Q&A portal as they would be in a classroom.

At the beginning of each semester, you'll be presented with the course content plan, a study plan and important assignment dates which are set out at manageable deadlines. This will help you study at your own pace.

In addition, you will be allocated a course consultant who will help you navigate the online campus, support you with your weekly participation and deadlines, and will be able to answer any administrative queries you may have.

Flexible Payment Options

Payment Option 1: Once-off Payment

Total: R8 950.00.

Payment Option 2: Debit Order

Application fee (non-refundable): R450.00.

Three instalments: R3 200.00 per month.
Total: R10 050.00.

* First debit order will be collected on course start date. Remaining debit orders will be collected on the first working day of each month.

Payments and Cancellations

• All required minimum payments must be made by direct EFT or by credit card before the commencement of a course. The once-off payment is required to be paid before the course start date, as well as the application fee of learners on a debit order plan (the first debit order is also required on the start date of the course).
• Kindly note that should debit order payment terms not be adhered to; legal action will be taken and access to the online learning platform suspended.
• Proof of payment may also be requested before access to the online platform will be communicated, should your payment not reflect on The Tax Faculty’s bank account.
• Only written notice of cancellation will be accepted.
• To view our full terms & conditions click here.

Conditions

For all Short Learning Programmes (SLPs) with a Seven-month or Less Rollout Period, the Following will Apply:

• If the cancellation is requested more than 10 working days prior to the course start date, no cancellation fee will be applicable.
• If the cancellation occurs less than 10 working days prior to the course start date, a 100% cancellation fee will be applicable.
• Students who register for a course and fail to attend will be held liable for the full course fee.
• The course application fee is non-refundable.
• The Tax Faculty’s liability in the case of a course being cancelled will be limited to a refund of the course fee.
• Students who have failed to successfully complete the course, and wishing to repeat will be charged the full course fee to repeat.

Why Wait?

Get your application in to avoid disappointment. Click below to start your application.